2023 Solar Incentives Guide for Woodmere, LA - Tax Credits & Rebates
In this guide, we'll cover the latest solar incentives and rebates available in Woodmere.
You'll learn about:
- Local & State Solar Incentives
- Federal Tax Credits (Updated for 2023 and beyond)
- Ways to optimize your solar investment
Solar installers are experts in maximizing your solar tax credits and rebates.
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Updated September 15, 2023
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What Solar Tax Credits, Incentives, and Rebates are Available in Woodmere?
Home Energy Loan Program (HELP)
New Orleans City - Energy Smart Program
Federal Residential Renewable Energy Tax Credit
Source: https://www.dsireusa.org/
The term "solar incentives" includes a wide range of financial incentives implemented to make installing and using solar panels more affordable. This is done to encourage people to switch to renewable energy. Different kinds of incentives, including cash back, discounts or credit towards your monthly utility bill, may be available to you. Some incentives may be provided via the Louisiana government, by your utility company or by county or municipality, while other incentives are federal. You might qualify for any of the following types of solar incentives:
- Net Metering: Net metering factors in after your solar system is up and running. If you've signed a net metering agreement with your Woodmere utility company, the company will subtract the value of the excess energy produced by your solar system from your monthly utility bill. In some areas, this credit is dollar-for-dollar, while in other areas you may get refunded a percentage of the value.
- Tax Exemptions: Your solar panel system could qualify for exemptions on both sales and property tax. Sales tax exemptions are applied at the time of purchase. Property tax exemptions allow you to ignore the value added by your solar panels when calculating property taxes on your house.
- Tax Credits: Tax credits lower, dollar-for-dollar, how much income tax you owe the government. Tax credits differ from tax deductions.
- Rebates: A solar rebate is a partial refund given after you've purchased your solar system. These might be offered by your local utility company, your state or your county. The cash back that you get from the rebates is normally applied before calculating tax credits.
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- Customer service varies by local dealer
Federal Solar Incentives
Federal incentives are the kind of incentives that you are most likely to have some familiarity with. You've likely heard of the Federal Solar Investment Tax Credit, or ITC. The ITC is a tax credit equal to a predetermined percentage of the money you spend on your solar system.
The ITC is applied to the total cost of solar panel installation, including the panels themselves as well as labor, accessories and equipment. You can claim this credit for panels installed after January 1, 2006 on a primary or secondary residence located in the United States that you own. The tax credit ranges from 26-30% of total costs depending on when your project was completed. There is no maximum amount you can claim.
To understand exactly how much the ITC could save you, contact your local Woodmere solar panel installer.
The ITC was renewed and increased in scope after the passage of the Inflation Reduction Act in August 2022. It's also now called the Clean Energy Credit. Now, solar installation projects that are completed between 2022 and 2032 may be eligible for a 30% tax credit. This credit amount will then see a slight annual decrease until the end of the current Clean Energy Credit in 2035. Starting in 2023, the program expansion will also make it easier to get credit for energy storage systems.
Click here to learn more about the new Inflation Reduction Act. The easiest way to understand how the new Clean Energy Credit applies to you is to talk with your local Woodmere solar panel installers.
State & Local Solar Incentives
Some solar incentives are often also provided by state and local governments. As with federal incentives, these may include rebates, tax credits and more. Certain incentives are ongoing, while others are available for a limited time. These incentives might be given by the Louisiana government, or by your county or municipality.
Next Steps for Installing Solar in Woodmere
There are a number of different solar incentives: those provided by local utility companies, those provided by the Louisiana government and those provided by the federal government, to name a few. The use of solar energy has grown tremendously in the last 15 years, partially due to these incentives. Reach out to your local solar panel installation company today to find out more information and to save as much money as possible on a solar system for your Woodmere home.
EcoWatch's Woodmere, LA Solar Incentives FAQs
How do I know if I qualify for different solar incentives?
Generally, solar incentives apply to:
- a new solar panel system
- installed on a property that you own
- within the U.S.
- within the date range specified by a particular incentive.
Specific incentives, including those run by the Louisiana government or by your county/municipality, may have additional qualifications. Speak with your local Woodmere solar installer to discover what incentives your project may qualify for.
How much can I save on my electric bill annually if I add solar panels to my house in Woodmere?
Generally, homeowners in Woodmere who install solar panels save approximately $904.04 per year, or approximately $17,176.85 over 20 years after making the switch.
Who installs solar panels near me?
To find the best solar panel installers near you, read our article on the top solar companies in Woodmere.
How long until the federal solar tax credit ends?
The federal solar tax credit, previously called the ITC and now titled the Clean Energy Credit, is set to end on January 1, 2035. The current 30% credit will end in 2032, replaced by a 26% credit in 2033 and a 22% credit in 2034.
Can I use a combination of solar and another type of renewable energy to power my home?
You can power your home with multiple types of renewable energy, or a combination of renewable and non-renewable energy. Make sure you discuss your ideas with your local Woodmere solar installer. They can help you as you plan for your project and educate you on the various incentives that you may or may not qualify for.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Solar incentive research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.